Schlumberger Ltd. will buy oilfield equipment maker Cameron International Corp. in a deal valued at $14.8 billion to streamline supply chains and offer cost-effective services to oil and gas customers who have slashed budgets.
A Greek deal and a possible Iran deal is giving crude oil mixed signals. On one hand, it seems that a deal in Greece will allow the market to focus on the more positive data that has been coming out of the Eurozone.
Crude oil prices get hit hard after Greece fails to reach a deal with creditors and the country called for a referendum. It seems that Greek Prime minister Alexi Tsipras did not have the courage to make a deal and instead opted for turmoil.
Oil rose to a 2015 high of $67 a barrel on Monday supported by expectations the crude supply glut will ease and after weak Chinese factory activity reinforced views stimulus measures would be rolled out.
Russia relies on companies including Exxon Mobil Corp., BP Plc, Halliburton Co. and Schlumberger Ltd. for the latest technology and expertise it needs to develop an estimated $7.58 trillion in oil and natural gas resources that sprawl across nine time zones.